Gulf markets extended declines in muted pre-weekend trade on Thursday on worries over a possible Greek exit from the euro zone, while Egypt's bourse climbed further on the second day of presidential elections.
Abu Dhabi's benchmark snapped a three-day rally, shedding 0.4 percent, as developers dragged. Aldar Properties and Sorouh Real Estate declined 0.9 and 1 percent respectively.
"In the UAE, generally valuations are attractive but the downside will be big in case we have a global downturn again," said Ali Adou, portfolio manager at The National Investor. "We're in a jittery month and it remains a tricky situation until the euro zone comes up with a solution -- at this point a Greek exit is already priced in the markets."
No comments:
Post a Comment